MetroPCS Looks To Acquire Leap Wireless

Dallas, Texas-based MetroPCS said this morning that it is looking to merge with Leap Wireless, a California-based provider of wireless communications services. MetroPCS said it is looking to pay approximately $5.5B in stock in a stock-for-stock exchange with Leap Wireless, in the belief that the merger would provide the firms with a "meaningful operational cost savings." MetroPCS is proposing a tax-free, stock-for-stock exchange of 2.75 shares of its stock for each share of Leap Wireless in the deal.